Thursday, September 23, 2010

Article du Jour: Why We Don't Need to Pay Down the National Debt

By James Galbraith, The Atlantic

Excerpt: Since 1960, three times our leaders have tried to balance the budget and so reduce the debt. Each time, in 1969, 1980, and again in 2000, guess what happened? Recession. Why? Because running a budget surplus means draining funds from private businesses and families. The textbooks used to call this "fiscal drag." It just isn't smart....(Read more)